Florida
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0-30831
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65-0953505
|
||
(State or other jurisdiction of
|
(Commission File
|
(I.R.S. Employer Identification
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||
incorporation)
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Number)
|
No.)
|
CAPITAL GROWTH SYSTEMS, INC.
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||
By:
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/s/ James G. Butala
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|
James G. Butala
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||
Chief Administrative Officer
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|
For the month ended
July 31, 2011
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|||
REVENUES
|
$ | 0 | ||
COST OF REVENUES
|
0 | |||
GROSS MARGIN
|
0 | |||
OPERATING EXPENSES
|
||||
Compensation
|
20,000 | |||
Travel and entertainment
|
5,557 | |||
Occupancy
|
0 | |||
Professional services
|
12,766 | |||
Insurance
|
0 | |||
Bad Debt Expense
|
0 | |||
Depreciation & Amortization
|
0 | |||
Restructuring Expenses
|
36,075 | |||
Other expense (Income)
|
$ | (19,195 | ) | |
TOTAL OPERATING EXPENSES
|
55,203 | |||
OPERATING INCOME (LOSS)
|
(55,203 | ) | ||
Interest Expense (Income)
|
- | |||
(Gain) Loss on Sale of Assets and Assumption of Liabilities
|
- | |||
Income Tax Expense
|
0 | |||
NET INCOME (LOSS)
|
$ | (55,203 | ) |
For the seven-month
period ended July 31,
2011
|
||||
REVENUES
|
$ | 19,787,589 | ||
COST OF REVENUES
|
14,744,883 | |||
GROSS MARGIN
|
5,042,706 | |||
OPERATING EXPENSES
|
||||
Compensation
|
3,827,392 | |||
Travel and entertainment
|
379,722 | |||
Occupancy
|
787,017 | |||
Professional services
|
417,572 | |||
Insurance
|
133,335 | |||
Bad Debt Expense
|
82,931 | |||
Depreciation & Amortization
|
911,617 | |||
Restructuring Expenses
|
1,294,863 | |||
Other Expense (Income)
|
$ | (264,139 | ) | |
TOTAL OPERATING EXPENSES
|
7,570,310 | |||
OPERATING INCOME (LOSS)
|
(2,527,604 | ) | ||
Interest Expense
|
6,468,809 | |||
(Gain) Loss on Sale of Assets and Assumption of Liabilities
|
(35,343,123 | ) | ||
Income Tax Expense
|
90,454 | |||
NET INCOME (LOSS)
|
$ | 26,256,256 |
|
July 31, 2011
|
|||
ASSETS
|
||||
CURRENT ASSETS
|
||||
Cash
|
$ | 1,606,103 | ||
Accounts Receivable, net
|
0 | |||
Other Current Assets
|
3,426,012 | |||
Total Current Assets
|
5,032,115 | |||
Fixed Assets, gross
|
2,449,750 | |||
Accumulated Depreciation
|
(2,430,782 | ) | ||
Fixed Assets, net
|
18,968 | |||
Other Assets
|
0 | |||
Intangible Assets
|
0 | |||
Goodwill
|
0 | |||
TOTAL ASSETS
|
$ | 5,051,083 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
|
||||
CURRENT LIABILITIES
|
||||
Current maturities of long-term debt
|
$ | 0 | ||
Post-Petition Accounts Payable
|
2,258,156 | |||
Pre-Petition Accounts Payable
|
0 | |||
Post-Petition Accrued Expenses
|
9,145,263 | |||
Pre-Petition Accrued Expenses
|
1,266,084 | |||
Deferred Revenue
|
0 | |||
Total Current Liabilities
|
12,669,503 | |||
Long-term debt
|
0 | |||
Taxes
|
0 | |||
Total Liabilities
|
12,669,503 | |||
SHAREHOLDERS' EQUITY (DEFICIT)
|
||||
Common stock
|
17,015 | |||
Additional Paid in Capital
|
91,856,979 | |||
Retained Earnings, beginning of year
|
(125,359,811 | ) | ||
Cumulative (gain) loss on currency translation
|
(388,859 | ) | ||
Current Year Retained Earnings Inc/Loss
|
26,256,256 | |||
Total Equity
|
(7,618,420 | ) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
|
$ | 5,051,083 |
Case No.
|
10-12302 PJW
|
|
Current
|
31-60
|
61-90
|
Over 90
|
Total
|
|||||||||||||||
Total Trade Accounts Payable
|
$
|
47,138
|
$
|
0
|
$
|
11,802
|
$
|
2,199,216
|
$
|
2,258,156
|
Case No.
|
10-12302 PJW
|
Current
|
1-30 Days
|
31 - 60 Days
|
61+ |
Total
|
||||||||||||||||
Total Trade Accounts Receivables
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |